SHI secures KRW 600 billion in oil tanker orders

Samsung Heavy Industries (SHI) succeeded in receiving 457 million dollars (equivalent to 600 billion won) in orders from BP (British Petroleum) Shipping and an Italian shipping group, the Premuda Corporation, for a total of 11 oil tankers including Aframax and Panamax class vessels, revealed the company on September 17.

A source at SHI said, "Each vessel ordered from the United Kingdom amounted to between 44 and 45 million dollars and will be delivered in the second half of 2003."

BP Shipping has been considering replacing its fleet as it was built in the early 1980's and is aging. Among its current 22 vessels, 10 vessel replacement orders went to SHI. SHI expects to secure replacement orders for the remainder of BP's fleet as well.

Three oil tankers, including one 73,000-ton Panamax oil tanker, were received from Premuda and are scheduled for delivery in 2003. Each vessel is priced at 35 million dollars.

SHI added that so far this year they have earned a total of 2.5 billion dollars and expect to meet their goal of 3 billion dollars by year's end. "Also, we have 6 billion dollars worth of work left over, which is a record high," they added.